Mobile Money Venture - SK Telcom and Citigroup partner

SK Telecom, a Korean mobile operator, announced a joint venture with Citigroup.

As a team they will sell mobile banking and payment solutions in North American and Asia. They have agreed to invest $8 million to launch a San Francisco-based Mobile Money Venture.

Under the partnership SK Telecom will develop mobile banking hardware and software for Citibank customers in Hong Kong and other major US cities.

SK Telecom also made sure this was non-exclusive. So they will sell the platform to other banks and
mobile carriers around the world.